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85% Employers are providing healthcare benefits to the employees during the pandemic: Survey

85% Employers are providing healthcare benefits to the employees during the pandemic: Survey

Indian employers prioritized healthcare benefits to their employees during the pandemic. 85% of employers felt that providing employee benefits is crucial for employee engagement and satisfaction. Meanwhile, only 75% employers provided additional healthcare benefits during the pandemic, states the State of Employee Workplace Benefits in India by Pazcare, an Employee Benefit and Insurtech Platform.

 

Employee benefits have become a significant and prevalent topic among HR Practitioners and People operations leaders as the Indian market pivots towards healthier workplaces that help in talent acquisition and retention. As companies become more and more hybrid (remote + in-office employees), designing the right benefits program has become challenging for employers.

 

Only 32% of companies have a budget of more than Rs 10,000/person for workplace benefits. Whereas, close to 50% of employers organized wellness programs for their teams.

 

Companies like OYO, Vedantu, Bookmyshow, Wazirx, Goodera , Tata Cliq, among others participated in the survey. A total of 100+ companies were a part of this survey.

 

According to the survey, compared to start-ups, nearly 41% of mid-sized companies (51 – 500 employees) allocate less than Rs 5000/person for their benefits program. Close to 50% of enterprise companies (<500 employees) spend more than Rs 10,000 on benefits per person.

 

“Designing the right workplace benefits is crucial for every organization to attract and retain talent. In our recent survey report, we had uncovered a lot of interesting insights on how employers in India are looking at employee benefits.”, said Mr. Sanchit Malik, Co-Founder & CEO, Pazcare

 

A majority of companies surveyed seemed (61.5%) to revise their employee benefits programs once a year . A deep insight indicated that 25% of the start-ups revise their employee benefits program 3 to 4 times a year.

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